(Last Updated June 7, 2021 17:16 GMT)
Currently, USDSEK’s rate is down -81 pips (-0.1%) from the hour prior. USDSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 and 200 hour changed directions on USDSEK; they are now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.26519, down 620 pips (0.74%) since yesterday. Relative to other instruments in the Forex asset class, USDSEK ranked 36th yesterday in terms of percentage price change. Here is a price chart of USDSEK.
USDSEK Technical Analysis
Notably, USDSEK crossed below its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 483.9 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for USDSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 8 them.